Europe / Sabic to Cut 1,050 Jobs

Saudi Basic Industries Corp., (SABIC) the world’s biggest petrochemicals maker, plans to cut about 1,050 positions and close some assets in Europe as the company responds to diminished demand.

Saudi Basic Industries, also known as Sabic, has started talks with works councils and trade unions on the plan, it said in a statement today. The job cuts will take place across Europe, a third of which will be contracting staff and two- thirds Sabic employees, it said.

“The European market is facing structural changes that are likely to set a new course for future competitive challenges,” Sabic said. “Our industry continues to face slow growth.”

Chosen excerpts by Job Market Monitor

via Sabic to Cut About 1,050 Jobs, Close Some Assets in Europe – Bloomberg.